Getting to Know the Old Town Park City Property Market

Markets - 7 Minute Read

6/10/2023(Updated 7/9/2023)

If you’re looking for a place with great nightlife, ski access including ski in/out, walkability to restaurants, bars, galleries, and shops, and easy access to Main St events like the Art Festival, Park Silly Market, and Sundance, Old Town Park City Utah is the place to be! The property choices range from historic single family homes close to Main St., condos in town and at the Park City Mountain Resort, and townhouses sprinkled in between. In this blog post, we will explore the various types of properties available along with the seasonality of listings and inventory. Finally, we'll discuss the best times to buy and sell, so you can make informed decisions about investing in Park City's thriving real estate market.

Many people jointly look for properties in Old Town and Ski Communities. Both property markets offer fun activities, excellent nightly rental income opportunities, and easy ski resort access. You will find the market dynamics to be very different when it comes to buying and selling properties.

When is the Best Time to Buy and Sell in Old Town?

The best time to buy in Old Town and get the best deal is September. Buyers will have the most properties to choose from during ski season and late spring. The best time sell a condo is during ski season while single family homes experience the most demand during the summer.

Types of Properties

Buyers in the market for a Old Town properties have a range of options to choose from, with a significant focus on condos and single family houses. The pie chart below titled "Listing by Type - Old Town" shows the breakdown of listings by property type. According to the chart, condos make up the largest percentage of listings at 49%, followed by single family houses at 35%, and townhouses at just 18%.

Old Town is expensive. A single acres in Old Town, if such a thing existed, would cost over $40,000,000. Luckily, a standard lot in Old Town is 25' x 75', (0.04 acres) due to our mining heritage. A miner's shack with 933 sqft recently sold for $4,000,000 because it sat on 0.19 acres. The area offers lots of investment opportunities, a fun lifestyle, and great access to the trails and resort if you can find a way to make the price work.

Single family houses are concentrated along the side streets of Main St. and along the Park Ave corrirdor. There are strict building guidelines so the houses typically have between 2,000 - 3,000 sqft and they are spaced 6' apart. Cats have been known to easily jump between 2nd floor decks to get to the best sun.

Condos can be found along Main St., at the Town Lift base, and close proximity to Park City Mountain Resort base. Investors enjoy renting these nightly during the ski season and more long term during the off season for visitors looking to escape the Texas and Arizona heat.

Old Town Listing Seasonality

The Old Town property market is pretty steady throughout the year with minor lulls during the shoulder seasons. The shoulder seasons occur in the spring immediately after the ski resorts close and late fall after the leaves fall but before the ski season get cranked up again. As shown by the blue line in the chart "# New Listings & Inventory," the number of new listings largely remain betwen 20 - 30 per month exccept for April and September. The active listings, as indicated by the green bars, drop precipitously in October, like the rest of the Park City market, and then steadily build all the way through summer.

The entire year is a good time to buy and sell property in Old Town except for mud season and late fall. You will find plenty of inventory and eager buyers throughout the year.

Seasonality of Property Types

The ‘New Listings by Unit Type – Old Town Listings’ radar plot provides a fascinating glimpse into the number of new listings for each type of property in the Old Town market.

• Condo listings peak in February. Condo listings hit the market during the ski season as they are situated near ski resort lifts and base facilities. See Best Time to Buy and Sell Park City Ski Properties for additional details on ski property seasonality trends.
• Single family houses peak in June. This trend is typical for the Park City area and equally reflected nationally. Late spring and early fall is when people look to change a full-time residence. See Best Time to Buy and Sell a Primary Residence in Park City for additional details on this single family house trend.
• Townhouse listings are fairly steady throughout the year with a small surge in March.

When to Sell

The best time to sell an Old Town property is during ski season and the summer months as demonstrated in the "# New Listings & Pended – Old Town Listings" chart below. The green bars show the # of properties put under contracted or pended sales. Putting this chart together along with the radar plot of new listings by type above, we can draw more specific recommendations:

• Condos will have the most demand during ski season when the target customers are in town and amped for the Greatest Snow on Earth.
• Single family homes have the most demand during the summer as show by th max pending volume in June - August.

When to Buy

September if the optimal time to buy an Old Town property if you are looking for the best value though possibly with fewer choices. The "New Listings & DOM – Old Town Listings" chart shows the average days on market (DOM) for active properties in Old Town using the green bars. The chart clearly depicts the maximum time on market builds from May and peaks in September. Sellers motivated to sell will be more likely lower their price and entertain less attractive offers once a listing is well seasoned.

Slope Style Realty – Old Town Experts

At Slope Style Realty, we have decades of experience helping clients buy and sell primary residences, income properties, and vacation properties in Old Town Park City. Our team consists of professionals who not only have extensive knowledge of the real estate market but also have personal experience living, working, and enjoying Old Town. We are passionate about helping our clients find the perfect family home and are committed to providing exceptional service throughout the buying and selling process. Whether you're looking for a house, condo, townhouse, or land in the Old Town Park City or one of our other amazing areas, we have the expertise to help you achieve your real estate goals. Please contact us today so we can get your housing search started.